Bitcoin Cash Price Prediction: BCH/USD enters supply zone after jumping 7% and enters overbought territory

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  • BCH/USD surges over 7% higher during late afternoon rally across the crypto market.
  • Bitcoin Cash needs to break down $900 area, for a potential clear move up to $1000 mark.

 

The Bitcoin Cash price had a large surge to the upside, with bulls enjoying the ride higher, in the latter stages of the session on Thursday. BCH/USD was able to jump around 7%, from lows of $835 up to $895, where it then entered a supply zone.

BCH/USD has been firmly in the control of the market bears through much of this week, in-line with the sell-off seen across the other major altcoins. There hasn’t been one catalyst, however a few stories worth of note dampening sentiment. SEC Chairman Clayton calling for regulation, Uni. Texas study saying move of the crypto rally last year due to price manipulation via the Bitfinex platform and then elsewhere, South Korean exchange Coinrail being hacked.

Technically, momentum is back with the bulls for now, however there is a challenge ahead of trying to break down resistance within the early $900 territory. Should the bulls manage to push above, there isn’t much resistance seen until heaving up to $1000 area. Support seen back at $860, 50MA and then $850, 100MA in the near-term.

 

BCH/USD 15-minute chart

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